Overview
What is 1060 Belmont Inc?
1060 Belmont Inc is a nonprofit organization located in Newton, Massachusetts. Their primary mission is to provide housing facilities and services specifically tailored to promote the health, physical, and social well-being of low-income families. They accomplish this by leasing 18 rental units to 18 such families, making them the sole activity of the corporation. The organization's purpose is to offer a secure living environment that supports the overall well-being of its residents.
Official website here: www.metrowestcd.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82%, Three-Star out of Four Star Rating
1060 Belmont Inc has received a solid Three-Star rating from Charity Navigator, indicating a strong emphasis on accountability and finance. The charity scored particularly well on several metrics, achieving full points in areas such as having a fully independent board and demonstrating no material diversion of assets. The organization also maintains transparency with a documented conflict of interest policy and a whistleblower policy.
The charity's program expense ratio is impressive, standing at 90.99%, which reflects a high commitment to utilizing funds effectively for its programs. This financial health suggests that the majority of contributions are directed towards fulfilling the nonprofit's mission rather than administrative costs. The board's independent structure, with all members being non-compensated, bolsters its governance standards.
However, while the overall rating is positive, it's important for potential donors to consider the details behind the figures. The organization's financial practices and board independence are commendable, but there may still be other qualitative factors to assess for a complete picture of its impact and effectiveness in the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is 1060 Belmont Inc legitimate?
1060 Belmont Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 1060 Belmont Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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For more financial information, click here
Official website here: www.metrowestcd.org
What is the mission statement of 1060 Belmont Inc?
1060 Belmont Inc, as an organization, is dedicated to serving low-income families and individuals by providing them with housing facilities and associated services. The primary goal is to enhance their health, physical well-being, and social welfare. By offering specialized housing solutions, the organization aims to contribute positively to their overall quality of life.
The corporation's sole activity revolves around leasing 18 rental units to 18 low-income families. This housing initiative seeks to provide a secure and supportive environment for these families, thereby contributing to their overall well-being. By offering these services, 1060 Belmont Inc plays a significant role in promoting social equity and improving living conditions for those in need.
Official website here: www.metrowestcd.org
Who is the CEO of 1060 Belmont Inc?
Caitlin Madden is the President of 1060 Belmont Inc.
Official website here: www.metrowestcd.org
What is the revenue of 1060 Belmont Inc?
1060 Belmont Inc's revenue in 2022 was $459,413.
Official website here: www.metrowestcd.org
Who are the executives of 1060 Belmont Inc and what are their salaries?
There 8 volunteers at 1060 Belmont Inc.
Here are 10 key members and their salaries:
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- Related: $122,337
- Other: $11,231
Official website here: www.metrowestcd.org
Where can I find the form 990 for 1060 Belmont Inc?
1060 Belmont Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.metrowestcd.org
Learn more at the official website: www.metrowestcd.org
Mission Statement of 1060 Belmont Inc
1060 Belmont Inc, a nonprofit organization, is dedicated to supporting families and individuals of low-income by providing them with housing facilities and services designed to enhance their overall health and well-being. The mission of this organization is to offer a conducive living environment that promotes both physical and social wellness. 1060 Belmont Inc achieves this by leasing its 18 rental units to 18 low-income families, making safe and secure housing accessible to those who may not otherwise have it. This commitment to affordable housing and holistic support is a testament to 1060 Belmont Inc's dedication to uplifting the lives of its community members.
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Impact
July, 2024
1060 Belmont Inc's impact lies in providing families and individuals of low-income with essential housing facilities and services that are tailored to enhance their health, physical, and social well-being. Through its ownership of 18 rental units in Newton, MA, this organization directly impacts the lives of 18 low-income families by offering them affordable housing. This initiative not only addresses the critical need for housing among vulnerable populations but also contributes to creating a stable and supportive environment where individuals can thrive and improve their overall quality of life.
This information is meant to be a general summary of 1060 Belmont Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $193
- Program Service Revenue: $271,963
- Gross Receipts: $459,413
Assets and Liabilities:
- Total Assets: $3,849,866
- Total Liabilities: $2,893,306
- Net Assets: $956,560
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$270,951
LAUNDRY INCOME
Revenue
$1,012
Organization Details
Founding Year
2009
Phone
(617) 923-3505Principal Officer
Caitlin Madden
Main Address
79-B CHAPEL STREET, NEWTON, MA, 02458
Website
www.metrowestcd.orgNTEE Category
Code: L21 - Housing
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